Facebook Instagram Linkedin X Youtube
Home Blog Page 6183

Cold chain logistics firm files P1.5-billion IPO

REUTERS

ISOC Cold Chain Logistics, Inc. has filed with the corporate regulator an application to hold an initial public offering (IPO) of shares worth nearly P1.5 billion to fund, among others, its expansion plans.

The company, which operates under the business name ORCA Cold Chain Solutions, plans to sell 1.035 billion common shares in its primary offer, 444.8 million common shares via a secondary offer, and 222 million common shares as an overallotment option.

In its filing with the Securities and Exchange Commission, ISOC plans to sell a total of 1.702 billion shares, including the option shares, priced at up to P0.88 apiece.

“[ISOC] intends to use the net proceeds, estimated to be P841.1 million, for land acquisition, expansion of existing facilities to accommodate additional VAS (value-added services), development of new cold storage facilities, and general corporate purposes,” it said in its preliminary prospectus.

ISOC is a pioneering company that utilizes the latest technology and process innovation in the cold storage industry. Its shares will be traded on the Small, Medium and Emerging Board of the Philippine Stock Exchange.

Its facilities support the coronavirus disease 2019 (COVID-19) vaccination drives of various local government units by establishing dedicated loading bays, transport paths, and storage spaces for the vaccines.

It has a total installed capacity of one million doses and serviced the storage requirements for COVID-19 vaccines.

In its prospectus, ISOC reported a net loss of P312.4 million at the end of 2021, which is a decrease from its P356.1-million loss for 2020.

Its revenues last year increased by 15.4% to P339.7 million from P294.3 million previously.

Of the secondary offer shares, 266,880,000 will come from selling shareholder ISOC Holdings, Inc. and 177.92 million from Philware Magnate, Inc. They also own the option shares.

Proceeds from the option shares may be used for price stabilization transactions by purchasing common shares in the open market for a period not exceeding 30 calendar days from the listing date.

ISOC has engaged Investment & Capital Corporation of the Philippines to arrange the sale share and has set the offer period to commence at 9 a.m. on Oct. 20 and end at 12 p.m. on Oct. 26, 2022.

The final offer price will be determined through a book-building process after securing regulatory approval.

The company said that at present, the competition within the Philippine cold chain logistics industry is “moderately fragmented” in nature, with the presence of 27 non-captive players among 40 to 60 total players in the country’s frozen storage industry.

It counts itself as among the top five industry participants, which collectively accounted for 52% of the local cold storage pallet capacity as of 2019. — Justine Irish DP. Tabile

ACEN to build two wind farms costing around P17B

AC ENERGY Corp. (ACEN) expects to spend an estimated P17 billion on two wind power projects with a combined capacity of 230 megawatts (MW) that it targets to complete in the next two years, its top official said.

“[We will spend] approximately P17 billion for both projects,” ACEN President and Chief Executive Officer Eric T. Francia told reporters during a gathering on Wednesday.

Both wind farms will be built in Pagudpud, Ilocos Norte, with the one in barangays Balaoi and Caunayan having the bigger capacity at 160 MW. The project is under ACEN unit Bayog Wind Power Corp.

The smaller project, under Amihan Renewable Energy Corp., will be in Brgy. Caparispisan. It is an expansion of the Ayala group’s existing project in the area and will have a capacity of 70 MW.

“Those were the two projects that we’re confident will be completed by 2025,” Mr. Francia said, referring to the completion deadline set by the government.

The delivery deadline is among the items included in the terms of reference for the Department of Energy’s Green Energy Auction Program (GEAP) in which 2,000 MW of new renewable energy capacity was offered to developers via competitive bidding.

ACEN won for its two wind projects during the auction held last month.

Mr. Francia said the Balaoi-Caunayan wind project is under a fully owned ACEN unit while the Caparispisan project is approximately 80% owned by the company, with a foreign partner holding the remaining stake.

In its annual report, ACEN said Bayog Wind Power started the construction of the P11.4-billion wind project in May 2021, saying it is “set to be the biggest wind farm in the Philippines to date.” It also said the project is targeted to start commercial operations in 2023.

“[The] 70-MW [project will] start hopefully within the year for completion [in] 2024,” Mr. Francia said.

The two projects will add to ACEN’s existing wind farms under different entities in the Philippines, namely: NorthWind Power Development Corp.’s 51.9 MW in Bangui, Ilocos Norte; North Luzon Renewables Energy Corp.’s 81 MW in Pagudpud, Ilocos Norte; and Guimaras Wind Corp.’s 51 MW in San Lorenzo, Guimaras.

ACEN also has wind projects in Vietnam and Indonesia.

“We’ll be interested to participate in future GEAP, hopefully, there will be a next time,” Mr. Francia said.

The GEAP offers support to participants of the government’s Renewable Portfolio Standards (RPS), a program that requires distribution utilities to source a portion of their supply from qualified renewable energy developers.

The Energy department wants renewables to account for 35% of the country’s power generation mix from 21.6% as of 2020. It plans to hold a green energy auction yearly.

Ayala-led ACEN has around 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Of the figure, renewables account for nearly 90%, it said.

The listed firm aspires is to be the largest listed renewables platform in Southeast Asia. It targets to reach 5,000 MW of renewables capacity by 2025.

On Thursday, ACEN shares slipped by 2.86% or 24 centavos to close at P8.16 apiece. — Victor V. Saulon

Monde Nissin says ethylene oxide not added in noodles

MONDE Nissin Corp. said on Thursday that Lucky Me! products do not contain ethylene oxide, which it described as commonly used to treat spices and seeds to control microbial growth.

In a statement, the listed company said that it is aware of information being shared about some of its products in an ongoing recall in the European Union (EU) and Taiwan due to the presence of the chemical.

“Rest assured that all Lucky Me! products are Philippine FDA (Food and Drug Administration) registered and comply with local food safety standards and even the US FDA standards for ethylene oxide,” the company said.

Monde Nissin clarified that ethylene oxide is not added in its popular noodle brand, but when used as a treatment for agricultural products, traces of these materials may still show in processed seasoning and sauces.

“The recall affects other companies’ noodle brand[s] and multiple categories such as ice cream, sesame seed, spices, calcium carbonate supplements, among others,” it said.

The company’s statement came after the Food Safety Authority of Ireland (FSAI) released on Wednesday a food alert about the recall of Lucky Me! Instant Pancit Canton Noodles Original Flavor with a best-before date of July 20 for the presence of the “unauthorized pesticide” ethylene oxide.

FSAI said that ethylene oxide is not authorized for use in foods sold in the EU and that even though it doesn’t pose acute risks to health, there may be health issues if there is continued consumption.

Monde Nissin, a global food and beverages company based in the Philippines, has a portfolio of market-leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde Nissin baked goods and Quorn meat alternative products.

In the Philippines, Monde Nissin’s manufacturing plants are located in Laguna, Cebu, and Davao.

On Thursday, shares in the company fell by 7.22% or P1.04, finishing at P13.36 apiece. — Justine Irish DP. Tabile

Frontier Towers erects 500th tower in PHL

TOWER company Frontier Tower Associates Philippines, Inc. (Frontier Towers) announced on Thursday the completion of its 500th tower in the country, indicating its strong presence in the telecom tower industry.

Frontier Towers, a subsidiary of telecommunications infrastructure provider Pinnacle Towers Pte. Ltd., “erected its 500th common telecom tower this week, marking the most of any tower company in the Philippines,” the company said in an e-mailed statement.

Pinnacle is backed by global investment firm KKR, which has also provided capital for Metro Pacific Hospitals, the hospital arm of Metro Pacific Investment Corp., as well as Voyager Innovations, Inc., a unit of PLDT, Inc.

The government has been pushing for mobile network operators to share infrastructure since 2017, saying every tower in the country serves more than 7,000 subscribers, as opposed to the ideal of having 1,000 subscribers per tower, and the usual 2,000 subscribers per tower in countries with faster internet.

“By constructing more common telecom towers that can be used by multiple mobile network operators concurrently, mobile network operators are able to improve their offerings to Filipino consumers, such as through improved speeds, in a sustainable manner,” Frontier Towers said.

Frontier Towers is among the first 23 tower companies that secured a provisional license to own, construct, manage, and operate common towers in the Philippines.

The PLDT group announced in April that its subsidiaries, Smart Communications, Inc. and Digitel Mobile Philippines, Inc., had signed sale and purchase deals in connection with the sale of its 5,907 telecom towers and related passive telecom infrastructure for P77 billion to the subsidiaries of international telecommunications infrastructure services companies edotco Group and EdgePoint.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Metro Pacific’s CAVITEX C5 Link Ext. from Merville to E. Rodriguez to open this month

PHOTO FROM CIC

CAVITEX Infrastructure Corp. (CIC), a subsidiary of Metro Pacific Tollways Corp. (MPTC), is eyeing to open this month the 1.6-kilometer (km) extension of the CAVITEX C5 Link in an effort to increase the volume of motorists on its road network.

The Segment 3A2 from Merville to E. Rodriguez (both in Parañaque) is expected to open by “July 16,”  MPTC Chief Finance Officer Christopher Daniel C. Lizo told reporters on Thursday.

The Segment 3A2 extends CAVITEX C5 Link’s 2.2-kilometer operational segment that spans between Merville — a village in Parañaque — and Taguig.

This means that motorists will be able to get to and from Taguig, Pasay, and Parañaque more easily. The extension is seen to help decongest the local roads.

The current operational segment serves up to “13,000 motorists daily, and we expect (the volume) to go up to 18,000,” Mr. Lizo said.

Fees to be collected will also increase. “Currently, users of the (2.2-km) section pay P22. When we open the 3A2, the stretch will run (3.8km), so from P22 to P37,” Mr. Lizo noted.

The Merville Entry/Exit ramps will be relocated to the new segment, in front of Shell C5 Southlink, according to the CIC.

At the same time, a service tunnel road will be opened to manage the traffic of motorists coming from West Service Road going to Merville, Pasay, and Parañaque.

The company is also working on the Segment 2 (CAVITEX to Sucat Interchange), which is now 30% complete.

The P15-billion CAVITEX C5 Link project, upon completion in 2023, is projected to serve 50,000 cars daily and reduce travel time to Makati and Taguig from Parañaque, Las Piñas, and Cavite from one hour to about 10 minutes.

The 7.7-kilometer project will help “decongest major thoroughfares such as EDSA, MIA Road, etc.,“ said CIC President and General Manager Raul L. Ignacio.

The company told motorists to take advantage of the Easytrip RFID and use it “for more seamless travel.”

“We continue to offer free RFID installation and reloading at our customer service stations in CAVITEX and CAVITEX C5 Link,” Mr. Ignacio said.

“They may also conveniently reload and monitor our expressways’ traffic conditions by using our latest app, MPT DriveHub. With the help of the app and by using their RFIDs, they would be able to avoid long queues at the cash lane and have a more seamless travel in our expressways,” added Mr. Ignacio.

The company expects the project to play a major role in Metro Manila’s economic development.

MPTC’s parent, the Metro Pacific Investments Corp., is one of three Philippine units of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Unbeaten Filipinas face Malaysia in ASEAN Football Federation

FIRST, the Philippines shocked fancied Australia in a homecoming game to remember. Then the host nation ripped Singapore in a seven-star performance.

And from all indications, the Filipinas have no plans of easing up in the ASEAN Football Federation (AFF) Women’s Championship.

“I expect the team to continue to keep a high tempo,” midfield dynamo Jessica Miclat said as the Filipino booters gun for their third consecutive win tonight against Malaysia at the Rizal Memorial Stadium.

“I think everybody on the bench is ready to go at any moment. All the players, whether we started in the first game or the second game, everyone is ready to give a hundred percent and that’s all we’re going to give on the field in our next games,” she added.

With their 1-0 reversal over the Matildas U23 and 7-nil shutout of the Lionesses, the Filipinas grabbed pole position in Group A with six points ahead of Thailand (four points), which salvaged a 2-2 stalemate with Australia Wednesday.

Malaysia, the Philippines’ opponent in the 7 p.m. fixture, runs third with two points off back-to-back draws, including a 1-1 tie with Indonesia on Wednesday behind the last-gasp equalizer from captain Steffi Sarge Kaur.

Hot-starting Philippines has shown its depth in the early skirmishes, with coach Alen Stacjic retaining only four starters from the Australia outing in the succeeding duel with Singapore and sending in subs without losing quality.

“It just shows the discipline within the team, the unity, the alignment that we have in the group. Everyone is focused on the same goal regardless of who comes on, regardless of which position they play — everyone knows their role so that’s another pleasing aspect of the game,” said Mr. Stajcic.

This, he stressed, is vital in a campaign where the side plays five games in nine days. After Malaysia, the home squad faces Indonesia on Sunday and Thailand on Tuesday to wrap up group play.

“We’ve got a big squad and it’s important everyone in the squad contributes to this tournament if we’re gonna come out on top,” said the Australian mentor.

“I’m pleased that we could rotate a lot of new players into the team and we’re going to continue that throughout the week and ensure that everyone gets an opportunity to put their hand up for a spot in the team long-term.” — Olmin Leyba

Pilmico launches hog feed brand to boost production

PILMICO Foods Corp. announced on Thursday that it launched an improved hog feed brand to help boost swine farmers’ production.

“Elite XP was revamped to provide a better nutrition solution for hogs as an answer to the continued threats to swine health. The leveled-up formulation contains new features,” the Aboitiz group’s food and agribusiness unit said in a media release.

Among the improvements are an immuno-growth factor and Piglet+ Technology, designed to strengthen the health and improve the growth of pigs and optimize breeder pigs’ full genetic potential.

“With Elite XP’s new formula that helps speed up the efficient growth and productivity of pigs, Pilmico aims to thrust the recovery of the swine industry and help swine farmers meet the country’s high demand for pork,” it added.

Pilmico Assistant Vice-President of Nutrition and Research Joana J. Pequiro said that this project is part of the firm’s initiative to push for food security in the country.

“To continue delivering our mission to feed humanity, Pilmico is committed to being at the forefront of transforming our products and services and helping our partners in the swine industry to reach their full potential. This is one of the many initiatives we have in store as we continue on our mission to achieve a sustainable and food-secure country,” she said.

Pilmico comprises four divisions: flour, feeds, farms, and trading. It has more than 29 facilities, including flour and feed mills, pig farms and a meat-cutting facility across nine Asia-Pacific countries. — Luisa Maria Jacinta C. Jocson

Tokyo medalist Sanchez wants to represent PHL in Paris Games

OLYMPIC swimmer Kayla Sanchez — HANDOUT PHOTO

PHILIPPINE sports have a sad, heartbreaking fate of some of its national athletes searching for greener pasture to represent other countries like chess player Wesley So and, most recently, golfer Yuka Saso.

So when a Canadian tanker with full Filipino lineage who snared silver and bronze medals in last year’s Tokyo Olympics decided to leave Toronto and represent the Motherland, the country should celebrate.

Meet Kayla Sanchez.

“It was a difficult decision, but in the end, I’m proud to be Filipino,” said Ms. Sanchez in on Thursday briefer at the PhilSports Complex that was attended by Philippine Swimming, Inc. (PSI) president Lani Velasco.

“If I’m able to inspire young kids and Filipinos in general just to start swimming, it just means a lot to me,” she added.

Ms. Sanchez, who was part of the Canadian team that copped the 4×100-meter freestyle relay silver and 4x100m medley relay bronze in the Tokyo Games, however, would have to fulfill numerous requirements including the minimum 12-month residency and approval from the International Swimming Federation or FINA for her to officially don the national colors.

So if she could surpass all the hurdles, the most Ms. Sanchez could represent the country is in July next year, in time for the 2024 Paris Games where she hopes to deliver the country’s first swimming medal since legendary Teofilo Yldefonso captured a 200m breaststroke bronze in Los Angeles 90 years ago.

“While PSI has always been intent on developing grassroots talent, PSI welcomes with open arms any Filipino based overseas who wishes to represent the Philippines as this is their right,” said Ms. Velasco, who relentlessly pursued Ms. Sanchez to transfer since 2017.

“Pride for country is not exclusive to those who remain in the Philippines. In fact, we celebrate each and every Filipino all over the world who raises our flag and brings honor to our country,” she added.

Ms. Velasco also had Swimming Canada and Ms. Sanchez’s parents Noel and Susana, who trace their roots from Mabalacat, Pampanga and Bicol, respectively, to thank for.

“Our gratitude goes to Swimming Canada, first of all, for being able to develop Kayla into the successful swimmer that she is today. The environment and resources made available to Kayla in Canada all these years certainly played an important role in making her who she is. More importantly, we thank Swimming Canada for agreeing to Kayla’s request for her to transfer to the Philippines,” said Ms. Velasco.

“Thank you to Kayla’s father Noel and mother Susana. The whole nation sends its thanks.” — Joey Villar

SC affirms P51-M canceled tax assessment on Unisys

THE Philippine Supreme Court (SC) has affirmed the cancellation of the tax assessment on Unisys Public Sector Services Corp. worth P51.19 million representing its erroneously paid value-added tax (VAT) for three quarters in 2009 and three quarters of 2010.

In an 11-page resolution dated June 15 and made public on July 6, The High Court said the commissioner of internal revenue’s (CIR) appeal only “rehashed” its arguments rejected by the Court of Tax Appeals (CTA).

The High Court noted that the CIR’s petition was denied for lack of merit.

“It is worth noting that the CTA division and the CTA en banc were on in finding that respondent made an overpayment of VAT in the amount of P51.19 million and is entitled to the refund of the same,” according to the tribunal’s ruling.

The CTA previously ruled that the company had failed to take into account the 7% standard input tax mandated by the country’s revenue code. Its actual sales for the six quarters were lower than the standard input tax rate.

The company is a VAT-registered domestic corporation engaged in manufacturing and supplying computer hardware and other information technology solutions to government agencies.

CIR, the petitioner, argued that the company failed to comply with the requirements for the claim for a refund.

The High Court disagreed with the argument, as it said the nonsubmission of supporting documents is not fatal to the taxpayer’s judicial claim for a VAT refund.

It added that the CIR did not present proof that it required the company to submit additional documents and likewise cannot claim that the taxpayer failed to comply with the requirements.

“The law accords the claimant sufficient latitude to determine the completeness of his submission because, in the first place, he bears the burden of proving his entitlement to a tax refund or credit,” said the court. — John Victor D. Ordoñez

Navarro signs with Seoul Samsung Thunders in KBL

GILAS Pilipinas cadet Will Navarro — FIBA

GILAS Pilipinas cadet and Ateneo product Will Navarro became the latest local to take his talents abroad, signing with Seoul Samsung Thunders in the Korean Basketball League (KBL).

The team already announced the acquisition in a press release on Thursday to Korean news outlets, according to local sports site Jumpball, though terms of the deal were not disclosed.

Mr. Navarro, 25, is expected to join the club after the Gilas’ stint in the International Basketball Federation (FIBA) Asia Cup slated for July 12-24 in Indonesia.

He posted averages of 7.3 points and 5.6 rebounds in his last UAAP year in Season 82 when Ateneo completed a three-peat highlighted by a perfect 16-0 season.

The 6-foot-6 forward was then selected by NorthPort in the special Gilas round of the 2021 PBA Rookie Draft that led to his consecutive national team stints.

Mr. Navarro played in the FIBA Asia Cup Qualifiers, FIBA Olympic Qualifying Tournament, Southeast Asian Games and the ongoing FIBA World Cup Asian Qualifiers.

In Korea, he is anticipated to contribute for the struggling Thunders following their dismal 9-45 campaign at last place last season.

Mr. Navarro followed the path of SJ Belangel (Daegu KOGAS Pegasus), RJ Abarrientos (Ulsan Mobis Phoebus), Justin Gutang (Changwon LG Sakers), and Ethan Alvano (Wonju DB Promy), who will strut their staff in Korea under the Asian Player Quota program staring in the 2022-2023 Season.

Other local talents stamping their class overseas are Dwight Ramos, Kiefer Ravena, Thirdy Ravena, Ray Parks, Jr., Kobe Paras and Jordan Heading, who are all in the Japan B.League.

Javi Gomez de Liaño (Philippine Basketball Association), Kemark Cariño (PBA D-League), and Juan Gomez de Liaño (PBA D-League) had also played in Japan before coming home this year. — John Bryan Ulanday

Bill granting 15 days’ paid leave for workers on caregiver duty refiled

A BILL has been refiled in the Senate guaranteeing 15 days’ paid leave to public and private sector workers who have to serve as caregivers to relatives.

Senate Bill (SB) 24 or the proposed Family and Medical Leave Act of 2022, is based on SB 303, which filed in the 18th Congress but did not become law.

“Many workers cannot afford to take unpaid time off work to provide care for their ailing child, parent or immediate family members. Family caregivers face financial, physical and emotional hardships, and in many cases their careers, incomes, and retirement security suffer because of their family responsibilities,” Senator Ramon B. Revilla, Jr. said in a statement accompanying the bill.

Under the bill, eligible employees include those who have performed at least 1,250 hours of service for a minimum of a year. However, it excludes any worker employed at an organization with less than 50 workers.

Eligible for paid family and medical leave are any worker, regardless of status, if any family member suffers from serious illness. The leave policy also applies to a worker who is rendered physically incapable of performing work.

The application must be accompanied by a notarized medical certificate duly accomplished by a physician. If the employer objects, the employee may obtain, at the expense of the employer, a second opinion from another healthcare provider with no links to the employer.

The returning employer must enjoy the same pay, benefits and work conditions as before.

The unused portion of the 15 days may not be carried over into the succeeding year. — Alyssa Nicole O. Tan

Century Pacific ventures into fish-free tuna

CENTURY Pacific Food, Inc. released its latest innovation in plant-based alternatives — unMEAT fish-free tuna.

For the company, the launch of the new alternative will leverage its might in developing leading tuna products. It is said to be made with 100% plant-based ingredients: non-GMO soy, natural oils, and flavors.

“Much of the focus in the industry has been on meat alternatives. On the other hand, seafood alternatives remain a wide-open space where we see pent-up demand from consumers looking for healthier and more sustainable options at an accessible price,” Century Pacific’s Chief Operating Officer Gregory Francis H. Banzon said.

Since 2021, the company has been rolling out its shelf-stable plant-based alternatives with its unMEAT luncheon meat line and unCHEESE dairy alternative.

Century Pacific disclosed that within two months of its launch, unMEAT fish-free tuna has gained distribution in over 500 retail outlets in the United States, Singapore, and United Arab Emirates, where it is carried in retail giant Carrefour.

The company reported that in a recent survey conducted in the US by a third-party market research firm, its tuna alternative significantly won over leading plant-based tuna brands in the country.

“We’re currently working on increasing its retail footprint in key markets abroad,” said Mr. Banzon.

Century Pacific launched unMEAT in 2020 in response to the expanding consumer preference for “healthier, better-for-you, and better-for-the-planet food choices.”

The company goes by the philosophy that eating plant-based food should be easy, thus offerings are made and priced as close as possible to their real meat and seafood counterparts.

unMEAT began with an institutional rollout domestically through Shakey’s Pizza and was immediately followed up with a retail launch across major supermarkets nationwide.

At present, unMEAT is being distributed in the UAE, United States, China, Australia, and Singapore.

Century Pacific Food is one of the country’s largest branded food and beverage companies. It is primarily engaged in the manufacturing, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet products.

In the stock market, Century Pacific ended lower by 0.62% or 15 centavos ending at P24 apiece. — Justine Irish DP. Tabile

1...6,1826,1836,184...14,238Page 6,183 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube